Baltic Office Figures Q2 2024

All three Baltic office markets have welcomed new office completions during Q2 2024, totaling ~33,000 sqm, while development works started for a total of 7 projects, expected to supply another ~60,000 sqm of GLA in the years to come. As of Q2 2024, more than 300,000 sqm are under construction across the Baltic capitals, with the largest construction activity taking place in Vilnius.

The leasing market began showing signs of recovery, at least in Vilnius and Tallinn, with tenants particularly putting emphasis on the quality and sustainability of their target spaces. However, prime rents are increasing further in Tallinn, which might negatively impact vacancy rates moving further, which have been observed to decrease Q-o-Q in Vilnius and Riga.